by on June 22, 2018
A study for the U.N. Human Rights Council has concluded 40 million people in the United States live in poverty -- and more than half of those live in "extreme" or "absolute" poverty. The 20-page report by Philip Alston, U.N. special rapporteur on extreme poverty and human rights, says U.S. policies benefit the rich and exacerbate poverty. A woman is seen in a makeshift shelter beneath the Hollywood Freeway in Los Angeles. A United Nations report delivered Friday said more than 40 milli...
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by on June 21, 2018
The U.S. Supreme Court on Thursday expanded presidential control over pivotal jobs in federal agencies, ruling that the way the Securities and Exchange Commission selected its in-house judges to enforce investor-protection laws was improper. The U.S. Supreme Court is seen in Washington, U.S., June 11, 2018. In a 7-2 ruling, the justices overturned a lower court ruling that had endorsed the SEC’s in-house judge hiring practice that operated autonomously from the president. The ruling...
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by on June 13, 2018
Federal Reserve Chair Jerome Powell is presiding over a sea change in US policy. The US Federal Reserve has voted to raise the target for its benchmark interest rate by 0.25%, citing solid economic expansion and job gains. The widely-anticipated decision will lift the target for the central bank's benchmark rate to 1.75%-2%, the highest level since 2008. A majority of Fed officials also forecast two more rate rises this year, one more than previously predicted. The rise is part o...
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by on June 10, 2018
They’re calling on the Government Accountability Office to look into the matter. Sen. Kirsten Gillibrand listens during a news conference on Capitol Hill. Even as the #MeToo movement shines a light on the pervasive problem of sexual harassment, there’s still little known about the economic costs associated with it. How much do workers and companies lose from job turnover, for example? What about the value of ideas that could have been generated if people had stayed in certain indust...
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by on May 30, 2018
Wall Street’s long campaign to chip away at the toughest trading restriction imposed on banks after the financial crisis is finally paying off under President Donald Trump. The Federal Reserve Board, now led by Trump appointees, on Wednesday took the most concrete step yet to roll back the Volcker Rule, which was key to Washington’s efforts to make the industry safer after the 2008 meltdown. Fed governors voted 3-0 to seek comment on proposed changes, kicking off an administrative process...
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by on May 26, 2018
Remember President Trump’s 2019 budget — that big document released in February and then immediately dismissed or ignored? Well, a new analysis released Thursday by the nonpartisan Congressional Budget Office finds that the president’s proposal won’t rein in rising deficits like the White House claims. CBO estimates that, over the 10 years from 2019 to 2028, the Trump budget request would cut the deficit by $2.9 trillion compared to the current baseline. The White House estimated that ...
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by on May 22, 2018
State tax breaks for the luggage designer to move less than a mile Away is a direct-to-consumer luggage company Sometimes companies are awarded financial incentives to relocate to New York from another state or overseas. But Monday a retailer was granted $4 million worth of state tax breaks for moving its headquarters from SoHo to … SoHo. The package was granted to Away, a two-year-old luggage designer co-founded by CEO Steph Korey, a former Warby Parker executive. The firm is headq...
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by on May 19, 2018
New York Governor Andrew Cuomo, center, speaks during a news conference with Senate Democratic Conference Leader Andrea Stewart-Cousins, D-Yonkers, left, and Independent Democratic Conference Leader Sen. Jeff Klein, D-Bronx, right, Wednesday, April 4, 2018, in New York Nearly 40 legislative staff members who worked for the Independent Democratic Conference or its members lost their jobs after the breakaway group rejoined the mainline Democratic Conference, according to an analysis of the ...
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by on May 5, 2018
Protests against a new fiscal plan highlight just how turbulent the island’s political and economic circumstances have become. A scene from recent protests in Puerto Rico Across the globe, strikes and protests are regular features of each May Day, which marks International Workers’ Day. Sometimes, these protests function as pressure valves, an opportunity for people in the international working classes to air grievances and demand better conditions. But other times, the demonstrations ...
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by on May 3, 2018
“US and Puerto Rican flag on a building in Puerto Rico,” by Lorie Schaull May 1, 2018; Washington Post, NBC News, and New York Times “Thousands of Puerto Ricans marched Tuesday to protest pension cuts, school closures, and slow hurricane recovery efforts as anger grows across the US territory over looming austerity measures,” writes Associated Press reporter Danica Coto in the Washington Post. The march, held on International Labor Day (a holiday that, although not widely celebrated in...
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by on April 11, 2018
The City Council wants reduced fares for 800,000 low-income New Yorkers. Roughly 800,000 low-income New Yorkers would save $726 a year if a proposal by the New York City Council and advocates to fund half-priced Metrocards for the poorest New Yorkers is adopted as part of the city’s final budget. On Tuesday, the Council released its budget response to the Mayor Bill de Blasio’s preliminary budget, which he unveiled in February. The Council included $212 million in funding for Fair Fare...
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by on April 4, 2018
This weekend’s spending deal punted on fixing longstanding problems, thanks to the governor cutting a deal with Republicans. Sorry, kids, no campaign finance reform for you this year. In Albany, a budget is not simply a budget. It is a vast matrix, a behemoth stew, the mashup of unfathomable sums of money ($168 billion this year) and specific, often unrelated policies. Horses are not merely traded; they are herded and hidden and sometimes euthanized on a whim. For progressives...
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